Ethos, a San Francisco life insurance tech company, raises $200 million in Nasdaq debut while former competitors fail or get acquired.
San Francisco: Ethos, a San Francisco-based company that helps people buy life insurance online, started selling its shares on the Nasdaq. The company and its owners raised about $200 million by selling 10.5 million shares at $19 each.
The company uses a three-sided platform where people can buy insurance policies in 10 minutes without medical exams. More than 10,000 insurance agents use its software to sell policies. Big insurance companies like Legal & General America and John Hancock use Ethos for important work like checking applications and managing paperwork.
Ethos was not an insurance company itself. It worked as a licensed agency that earned money when people bought insurance through its system. Many similar companies that once competed with Ethos either changed their business, got bought for less money than expected, or closed down completely.
The company made over $278 million in revenue during nine months in 2025. It also made nearly $46.6 million in profit during that same time. Ethos chose to go public to show insurance partners that it would be around for a long time and that it could be trusted.